Strata Depreciation Reports
Certified Registered Reserve Fund Analyst
Vernon, Penticton, and Kelowna Strata Reports
Effective in 2011, the British Columbia Strata Property Act requires a report to be made regarding the costs for the repairs of the strata assets. A “Qualified Person” is needed to create a certified contingency reserve fund containing all the costs of future works in the form of a payment plan for the next 30 years. More specifically, this document is a list of the assets where the analyst evaluates and assess the condition and estimates the replacement dates by anticipating the maintenance, repair and replacement.
Depreciation reports must be updated every three years
What is a Contingency Fund Report?
The value of the strata property is influenced by how well the property and building is maintained.
All strata councils must have contingency reserve funds that will be used to pay for common expenses that may emerge. These costs can include repairing the roof, windows, the exterior cladding, road re-pavement, structural restoration for garages and balconies, etc.
These reports represent the basis of the financial planning for the future for a strata complex. Being equipped with an accurate, detailed report means the strata council can make informed decisions and comply with provincial laws. The contributions to the contingency reserve funds are approved by the majority of the owners, on an annual basis.
Depreciation reports are of great importance both for existing owners and prospective buyers. Having a quality report can increase or decrease the property value. As for the buyer, his decision will be influenced by the financial planning or the lack of it.
What we do
Lloyd Kenzle is a certified analyst with full accreditation as per ASTTBC Home and Property Inspectors.
Our role consists of issuing depreciation reports and a contingency reserve fund report that will determine the anticipated maintenance, repair and replacement costs for the next 30 years. This report will also be the basis of the strata council’s financial planning for that period of time.
The Strata will receive a complete visual review of the property in order to help the Strata council plan and organize future costs. The strata will have a clear idea of what significant expenses to expect and an estimate of when these expenses will occur.
Fully Certified and Licensed Inspector
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